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Auditor Report of Gammon India Ltd.

Sep 30, 2014

Report on Financial Statements

We have audited the accompanying Financial Statements of Gammon India Limited ("the Company”), which comprises the Balance Sheet as at 30 September 2014 and the Statement of Profit and Loss and the Cash Flow Statement for the period 1 January 2014 to 30 September 2014 ("period”) and a summary of significant accounting policies and other explanatory notes on that date in which are incorporated the returns of the Nagpur branch including the overseas branches at Algeria, Nigeria, Kenya, Bhutan, Ethiopia, Rwanda, Yemen & Italy audited by branch auditors.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting standards referred to in Sub-Section (3C) of Section 211 of the Companies Act 1956 ("the Act”) read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 read with General Circular 8/2014 dated 4 April 2014. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our qualified opinion.

Basis For Qualified Opinion

a. We invite attention to Note 33 (c) (i) and (ii) relating to the accounts of one of the subsidiaries M/s Franco Tosi Meccanica S.p.A (FTM) which have not been audited since December 2011 and the details of the application for pre-insolvency composition agreement including the plans to sell the business of the subsidiary. In view of the non- availability of the financial statements for reasons detailed in the aforesaid notes we are unable to comments on the adjustments to be made in the financials in respect thereof. The Company''s exposure in the said subsidiary (net of provisions and credit balance in Foreign Exchange Translation Reserve) is Rs. 1162.87 Crore which includes the loans made and Investments made (net of provisions) of Rs. 268.06 Crore, the exposure of corporate guarantee towards the borrowing made by the overseas SPV through which the step down subsidiary is held ofRs. 302.94 Crore and corporate guarantee exposures in respect of the said FTM by way of corporate guarantee issued by the Company towards the non-fund based limits granted to the said FTM based on which guarantees were given to the projects of the said subsidiary of Rs. 591.87 Crore. In the absence of the financial statements and any indication of the outcome of the pre-insolvency composition agreement we are unable to comment on the adequacy of the provision towards diminution in the value of investments and loans resulting in the net carrying value as aforesaid.

b. In respect of the corporate guarantees issued towards the jobs of FTM as detailed in Note 33(c)(iii) the Company has received fresh demand for Euro 21.84 Million Rs. 170.80 Crore) against which the Company has made a provision of Euro 4.04 Million Rs. 31.59 Crore) towards liabilities arising from demand against some of the corporate guarantees. In respect of the other demand of Euro 17.80 Million Rs. 139.21 Crore) in respect of another project no provision is made as the Company is in active negotiation with the clients of the subsidiary for the cancellation of the demand. In view of the uncertainties involved in the negotiation settling in favour of the Company and the future of the business of FTM we are unable to comment upon possible further liabilities arising from such corporate guarantees.

c. The Auditors of M/s SAE Powerlines S.r.l, Italy (SAE), a subsidiary of the Company have expressed their inability to opine on the financial statements in view of the said SAE''s ability to operate as a going concern being at risk and the directors of the said SAE have highlighted the liquidity crisis. The total exposure of the Company in SAE and ATSL Holdings B.V., Netherlands the Holding Company of SAE towards investments including guarantees towards the acquisition loan taken by SPV and guarantees towards the operating business of SAE is Rs. 328.06 Crore. The Company has made provision for impairment of investments and loan of Rs. 110.45 Crore and provision for risk and contingencies towards corporate guarantees for acquisition loan of the SPV of Rs. 88.29 Crore resulting in the net exposure of the Company at Rs. 129.32 Crore. Attention is invited to Note 33 (e) where the Company contends that the carrying value of Rs. 129.32 Crore does not need any provision despite the valuation of the business of SAE by independent valuers indicating an excess carrying value of Rs. 55.02 Crore that has not been provided for.

d. The Company''s application for managerial remuneration aggregating to Rs. 14.32 Crore for the Chairman and Managing Director has been rejected for the accounting years

2011- 2012,2012-2013 and 9 month period ended December 2013. The Company has preferred appeals for review of the matters with the Central Government for all the years for which the same is rejected. The Chairman and Managing Director has pending disposal of the review during the year refunded an amount of Rs. 1.85 Crore being the excess remuneration for the year ended2011-2012. The remuneration for the period ended September 2014 of the Chairman and Managing Director is Rs. 4.71 Crore, of which an amount of Rs. 0.94 Crore is pending payment, for which application is being made. Pending the review and appeal of the Company for the accounting periods 2011-2012,

2012- 2013,9 month period ended December 2013 and 30 September 2014 no adjustments have been made for an amount of Rs. 17.18 Crore.

e. The Company has during the year after 1 April 2014 granted unsecured loans to one of its Joint Ventures beyond the limits specified in Section 186 of the Companies Act 2013 without the prior approval of the members in general meeting.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in our basis for qualified

opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the

accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 30 September 2014;

(b) In the case of the Statement of Profit and Loss of the profit for the period 1 January 2014 to 30 September 2014; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Emphasis of Matter

Without qualifying our report we invite attention to

(a) We draw attention to Note 35 of the explanatory notes relating to recoverability of an amount of Rs. 167.23 Crore as at September 2014 under trade receivables in respect of contract revenue where the Company has received arbitration awards in its favour in respect of which the client has preferred an appeal for setting aside the said arbitration awards, recognition of claims while evaluating the jobs of Rs. 451.56 Crore towards work done on account of cost overruns arising due to client delays, changes of scope, deviation in design and other charges recoverable from the client which are pending approval or certification by the client and Rs.123.80 Crore where the Company is confident of recovery based on advanced stage of negotiation and discussion. The recoverability is dependent upon the final outcome of the appeals & negotiations getting resolved in favour of the Company.

(b) The Company has cash losses from operations after reducing the interest payments and has unabsorbed losses to the tune of Rs. 775.32 Crore. These conditions, along with other matters as set forth in Note 36 of the financial statements, indicate the existence of an uncertainty as to timing and realisation of cash flow.

(c) Note 33(b) relating to the exposure of Rs. 197.16 Crore which includes non-fund based guarantees of Rs. 110.90 Crore towards acquisition of further stake of 35% in Sofinter. The transfer of shares to be done as detailed in the aforesaid note is essential to support the exposure of the Company towards the funded and non- funded exposure towards M/s Gammon Holdings (Mauritius) Limited for the additional 35% equity stake in Sofinter. Further the management has made assertions about the investment and reasons why the same does not require any provision towards diminution in the value of investment and loans provided. Relying on the assertions and on the further acquisition of interest in M/s Sofinter as detailed in the aforesaid note no adjustments have been made in the financials towards possible impairment.

(d) We also invite attention to Note 12(iv) & Note 12(v) in case of Gactel Turnkey Projects Limited & G&B Contracting LLC where the management has made assertions about the investment and reasons why the same does not require any provision towards diminution in the value of investment and loans provided. Relying on the assertions as detailed in Note 12(iv) and (v) no adjustments have been made in the financials towards possible impairment.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. As detailed in the annexure the statement has been prepared with reference to the various sections of the Companies Act 1956, till its applicable date i,e. upto 31 March 2014

2. As required by Section 227(3) of the Companies Act 1956, we report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.

iii) The reports on accounts of the branches audited by the other auditors have been forwarded to us as required by clause (c) of Sub-Section (3) of Section 228 and have been appropriately dealt by us in preparing our report.

iv) The Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us.

v) In our opinion, except for the possible effects of the matters described in our basis for qualified opinion paragraph , the Balance Sheet, Statement of Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Sub-Section (3C) of Section 211 of the Companies Act 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs and read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013.

vi) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 30 September 2014 from being appointed as a Director in terms of Sub-Section (2) of Section 164 of the Companies Act 2013 (corresponding to clause (g) of Sub-Section (1) of Section 274 of the Companies Act 1956).

ANNEXURE TO THE AUDITOR''S REPORT

Gammon India Limited

(Referred to in our report of even date)

(i) (a) The Company is maintaining proper records showing particulars, including quantitative details and situation of fixed assets;

(b) The Company has a program for physical verification of its fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the Company and the nature of its assets and operations. The discrepancies reported on such verification are not material and have been properly dealt with in the books of account.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(ii) (a) Inventories, being project materials have been physically verified by the management at reasonable intervals during the year. In our opinion,

the frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The discrepancies noticed between the physical stocks and books stocks were not material and the valuation of stock has been done on the basis of physically verified quantity. Therefore Shortage / Excess automatically get adjusted and the same is properly dealt in the books of accounts.

(iii) (a) The Company has during the year granted unsecured loans to six parties covered in the register maintained under Section 301 of the

Companies Act 1956. The maximum amount involved during the year was Rs. 1130.62 Crore and at the end of the year balance of loans granted to such parties was Rs. 1116.91 Crore.

(b) In our opinion the rate of interest, wherever charged, and the other terms and conditions of such loans are not prima-facie prejudicial to the interest of the Company.

(c) There are no stipulations for the repayment of principal and the interest, wherever charged. The outstanding overdue interest receivable as at 30 September 2014 was Rs. 57.76 Crore.

(d) Most of these parties are subsidiaries of the Company and therefore are being monitored for the recovery.

(e) The Company has not taken any fresh loans during the year from parties covered in the register maintained under Section 301 of the Companies Act 1956. In respect of the existing loans, taken from promoter group as part of the CDR agreement, the maximum amount involved during the year was Rs. 100 Crore and the end of the year balance of loans was Rs. 100 Crore.

(f) In our opinion and according to the information and explanations given to us, the rate of interest, wherever charged and other terms and conditions for such loans are not prima-facie prejudicial to the interest of the Company.

(g) Based on the terms of the Master Restructuring Agreement signed with the CDR lenders the promoter loans are subordinate to the restructured facilities and hence there are no repayments stipulated.

(iv) In our opinion and according to the information and explanations given to us, the implementation of the internal control procedure and assessment of risks in respect of the sub-contract and other site expenditure, material reconciliations, purchases needs strengthening to make it commensurate with the size and nature of its operations. In respect of the purchase of fixed assets and sale of goods and services the internal control procedures are commensurate with the size of the Company and the nature of its business. The weakness with respect to the adherence to the Internal control procedures for above referred activities are still continuing as at the Balance Sheet date which were reported upon in the previous audit reports.

(v) a) In our opinion and according to the information and explanations given to us the transactions that need to be entered into a register in

pursuance of Section 301 of the Act have been so entered.

b) All the transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time and the nature of services rendered by such parties.

(vi) The Company has not accepted any deposits from the public during the year under review and consequently the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Act and the rules framed there under are not applicable. We are further informed that no orders have been passed by the Company Law Board in the case of the Company requiring compliances.

(vii) In our opinion the internal audit system is presently commensurate with the size and nature of its business.

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed by the Company under 209(1)(d) of the Companies Act 1956 and are of the opinion that prima-facie the prescribed records have been maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) (a) The Company has several instances of delay in depositing undisputed statutory dues including Provident Fund, Professional Tax, Employees State Insurance, Works Contract Tax, Service Tax/VAT, Cess and Sales Tax dues with the appropriate authorities observed on a test check basis.

(b) On the basis of the audit procedures followed, test checks of the transaction and the representation from the Management there are arrears amounting to Rs. 0.25 Crore to be deposited with Investor Education and Protection Fund, 0.68 Crore in case of Service Tax ,Income Tax of Rs. 0.06 Crore, Rs. 0.16 Crore in case of Provident Fund, Rs. 0.13 Crore in case of Works Contract Tax, Rs. 1.08 Crore in case of Road Tax, Rs. 0.08 Crore in case of Value Added Tax, Rs. 0.22 Crore in case of Professional Tax, Rs. 0.01 Crore in case of Deposit Linked Insurance Scheme, Rs. 0.14 Crore in case of Pension Fund Rs. 0.01 Crore in case of Labour Welfare Fund,Rs. 0.07 Crore in case of Employee''s State Insurance Scheme and Rs. 5.32 Crore in case of Royalty which were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, the details of Sales Tax, Income Tax, Service Tax and Excise Duty that have not been deposited on account of dispute are stated in the statement of statutory dues outstanding attached herewith.

(x) The accumulated losses of the Company are in excess of 50% of the net worth of the Company. The Company has incurred cash losses in the current year and in the previous year.

(xi) According to the information and explanations given to us, the Company has defaulted in payment of interest dues to debenture holders, financial institution and Banks. The amounts of delays in interest servicing in respect of Rupee Term Loan, FITL, Priority Loan and Working Capital Term Loan were Rs. 270.76 Crore for a period ranging from 1 days to 78 days. The amounts of default in payment of interest and amounts overdrawn on cash credit facility was Rs. 24.09 Crore as at September 2014. The amount of default in payment of interest on Debentures was 19.14 Crore ranging from 1 days to 118 days. The amounts include the continuing default as at Balance Sheet date on repayment of interest which is annexed to the financial statements.

(xii) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities. Accordingly the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiii) The Company is not a nidhi / mutual benefit fund / societies. Accordingly the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xv) According to the information and explanations the Company has given corporate guarantee for loans taken by other companies being subsidiary companies of this Company from banks or financial institutions. The other terms and conditions are not prima-facie prejudicial to the interest of the Company.

(xvi) Based on the information and explanation given by the management the terms loans during the year were taken for funding the cash flow mismatches and for working capital thereby the term loans taken during the year have been applied for the purpose for which the loans were obtained.

(xvii) In our opinion and according to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company as at 30 September 2014, we report that no short terms funds were used for long-term purposes.

(xviii) The Company during the year has not made any preferential allotment of shares to any parties or companies covered in the register maintained under Section 301 of the Companies Act 1956. Accordingly, the provisions of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xix) The Company has not issued any debentures during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xxi) Based on the audit procedures performed and the information and explanation given by the management we report that no fraud on or by the Company has been noticed or reported during the year except for instances of malafide conduct by certain employees resulting in their dismissal from the employment from the Company.

For Natvarlal Vepari & Co.

Chartered Accountants

Firm Registration No 106971W

N Jayendran

Partner

M. No. 40441

Mumbai, Dated: 5 December 2014


Dec 31, 2013

We have audited the accompanying Financial Statements of Gammon India Limited ("the Company"), which comprises the Balance Sheet as at 31 December, 2013 and the Statement of Profit and Loss and the Cash Flow Statement for the period April 1, 2013 to December 31, 2013 ("period") and a summary of significant accounting policies and other explanatory notes on that date in which are incorporated the returns of the Nagpur branch including the overseas branches at Algeria, Nigeria, Kenya, Bhutan, Ethiopia & Italy audited by branch auditors.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our qualified opinion.

Basis For Qualified Opinion

a. The accounts of one of the subsidiaries M/s Franco Tosi Meccanica S.p.A (FTM) have not been audited since December 2011 for reasons mentioned in note 33(c) of the financial statements which inter-alia covers the application for pre-insolvency composition agreement with creditors in Italian court and continuous shifting of dates and delays in conclusion of the process of restructuring. In the light of the on-going procedure the Commissioner in charge of the restructuring procedure has not released any financials. There are therefore no financials available after December 2012 being the date when the Management prepared the last financial statements, which were subject to audit. The management had during the previous year ended 31 March 2013 on a prudent basis made an ad-hoc provision towards possible impairment towards the investment in FTM. The management is actively pursuing sale of the stake in FTM as mentioned in note 33 (c). The group''s exposure in the said subsidiary (net of provisions and credit balance in Foreign Exchange Translation Reserve) is Rs. 570.42 Crore which includes the loans made and Investments made oft 268.44 Crore and the exposure of corporate guarantee towards the borrowing made by the overseas SPV through which the step down subsidiary is held of Rs. 301.98 Crore. Further there are guarantee exposures towards the non-fund based guarantees given to the projects of the said subsidiary oft 415.15 Crore outstanding as at 31 December 2013. In the absence of financial statements and financial information after 31 December 2012 we are unable to comment upon the adequacy or otherwise of the provision already made which cannot be quantified.

b. The accounts of M/s SAE Powerlines S.r.l, (SAE) a subsidiary of the Company, are as per unaudited management prepared accounts for which audit is not completed. On account of the accumulated losses and the lack of financial support from banks the going concern assumption needs to be tested by comprehensive audit procedures, which in the absence of audit being completed has not been ascertained. On the basis of bids available for which negotiations are going on for the stake sale of SAE, the Company has made provisions for impairment of investments, loans and towards corporate guarantee for acquisition loan of the said SAE, in excess of the offer price being negotiated as detailed in explanatory note no. 33(e). In the absence of firm offer for purchase of the stake in SAE, we are unable to comment on the adequacy of the provisions made thereof.

c. The Company has made contribution to various funds during the period of an amount oft 0.36 Crore. In view of the losses in the last three years the Company requires the permission of the members in the General meeting for making such donations and contributions to charitable institutions, which it has not obtained as required by clause (e) of sub-section (1) of Section 293 of the Companies Act, 1956. Had the donations not been made the losses would have been lower byt 0.36 Crore.

d. The Company''s Application for managerial remuneration for the Chairman and Managing Director and other executive directors is rejected for some of the previous years, partly accepted for some years and no decision has been taken for the balance years. In view of the same no effect has been given in the attached financial statements for the following:

i. Recovery of Managerial Remuneration of 2.10 Crore for year ended 31 March 2012 and 2013 for application rejected and partly allowed for which the company has gone into a review appeal.

ii. Managerial remuneration paid in excess of limits of 10.98 Crore for which no decision has been taken.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in our basis for qualified opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at December 31, 2013;

(b) In the case of the Statement of Profit and Loss of the Loss for the period April 1, 2013 to December 31, 2013; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matter

(a) We draw attention to Note no. 15(a) of the explanatory notes relating to recoverability of an amount of Rs. 150.09 Crore as at March 2013 out of which Rs.14.12 Crore has been collected under trade receivables in respect of contract revenue where the Company has received arbitration awards in its favor in respect of which the client has preferred an appeal for setting aside the said arbitration awards and Rs. 58 Crore where the Company is confident of recovery based on advanced stage of negotiation and discussion. The recoverability is dependent upon the final outcome of the appeals & negotiations getting resolved in favour of the company.

(b) We also invite attention to note 33(b) in case of Sofinter S.p.A where the management has made assertions about the investment and reasons why the same does not require any provision towards diminution in the value of investment and loans provided. Relying on the assertions no adjustments have been made in the financials towards possible impairment.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. As required by Section 227(3) of the Companies Act 1956, we report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit.

ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.

iii) The reports on accounts of the branches audited by the other Auditors have been forwarded to us as required by clause (c) of sub-section (3) of Section 228 and have been appropriately dealt by us in preparing our report.

iv) The Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us.

v) In our opinion, the Balance Sheet, Statement of Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

vi) On the basis of the written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 December 2013 from being appointed as a director in terms of Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956 on the said date.

ANNEXURE TO THE AUDITOR''S REPORT

Gammon India Limited

(Referred to in our report of even date)

(i) (a) The Company is maintaining proper records showing particulars, including quantitative details and situation of fixed assets.

(b) The company has a program for physical verification of its fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the company and the nature of its assets and operations. The discrepancies reported on such verification are not material and have been properly dealt with in the books of account.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(ii) (a) Inventories, being project materials have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed between the physical stocks and books stocks were not material and the valuation of stock has been done on the basis of physically verified quantity. Therefore Shortage / Excess automatically get adjusted and the same is properly dealt in the books of accounts.

(iii) (a) The company has during the year granted unsecured loans to twelve parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1123.85 Crore and at the end of the year balance of loans granted to such parties was Rs. 1122.33 Crore.

(b) In our opinion the rate of interest, wherever charged, and the other terms and conditions of such loans are not prima-facie prejudicial to the interest of the Company.

(c) There are no stipulations for the repayment of principal and the interest, wherever charged. The outstanding overdue interest receivable as at 31 December 2013 was Rs. 48.60 Crore.

(d) Most of these parties are subsidiaries of the Company and therefore are being monitored for the recovery.

(e) The company has during the year taken interest free unsecured loans as promoters contribution as per the CDR scheme from three parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 100 Crore and at the end of the year balance of loans granted to such parties was Rs. 100 Crore.

(f) In our opinion and according to the information and explanations given to us, the rate of interest, wherever charged and other terms and conditions for such loans are not prima facie prejudicial to the interest of the Company.

(g) Based on the terms of the Master Restructuring agreement signed with the CDR lenders the loans are subordinate to the restructured facilities and hence there are no repayments stipulated and the loans are interest free.

(iv) In our opinion and according to the information and explanations given to us the implementation of the internal control procedure and assessment of risks in respect of the sub contract and other site expenditure, material reconciliations, purchases needs strengthening to make it commensurate with the size and nature of its operations. In respect of the purchase of fixed assets and sale of goods and services the internal control procedures are commensurate with the size of the company and the nature of its business. The weakness with respect to the adherence to the Internal control procedures for above referred activities are still continuing as at the balance sheet date which were reported upon in the previous audit reports. However the company has taken steps to correct the same by strengthening internal audits and control mechanisms and centralising many of the activities to make the overall internal control procedures commensurate with the size and nature of operations.

(v) a) In our opinion and according to the information and explanations given to us the transactions that need to be entered into the register in pursuance of Section 301 of the Act have been so entered.

b) All the transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time and the nature of services rendered by such parties.

(vi) The Company has not accepted any deposits from the public during the year under review and consequently the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Act and the rules framed there under are not applicable. We are further informed that no orders have been passed by the company law board in the case of the company requiring compliances.

(vii) In our opinion the internal audit system is presently commensurate with the size and nature of its business.

(viii) We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed by the company under 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed records have been maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) (a) The company has several instances of delay in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Works Contract Tax, Service Tax / VAT, Cess and Sales Tax dues with the appropriate authorities observed on a test check basis.

(b) On the basis of the audit procedures followed, test checks of the transaction and the representation from the Management there are arrears amounting to Rs. 0.25 Crore to be deposited with Investor Education and Protection Fund, Rs. 0.11 Crore in case of Service Tax, Rs. 2.36 Crore in case of

Provident Fund, Rs. 0.13 Crore in case of Works Contract Tax, Rs. 1.08Crore in case of Road Tax, Rs. 0.48 Crore in case of Value Added Tax, Rs. 0.27 Crore in case of Professional Tax, Rs. 0.06 Crore in case of Deposit Linked Insurance Scheme, Rs. 0.19 Crore in case of Pension Fund, Rs. 0.01 Crore in case of Labour Welfare Fund, Rs. 0.02 Crore in case of Employee''s State Insurance Scheme and Rs. 5.34 Crore in case of Royalty which were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, the details of Sales Tax, Income Tax, Service Tax and Excise Duty that have not been deposited on account of dispute are stated in the Statement of statutory dues outstanding attached herewith.

(x) The accumulated losses of the company are in excess of 50% of the Net worth of the company and the Company has incurred cash losses in the current year as well as in the previous year.

(xi) According to the information and explanations given to us, the Company has defaulted in repayment of dues to financial institution and Banks. The amounts of defaults in repayment of short term demand Loan were aggregating to Rs. 11.38 Crore for a period ranging from 16 days to 148 days. The amounts of default in payment of interest on long-term and short term loans were aggregating to Rs. 59.57 Crore respectively for a period ranging from 1 to 284 days.

Further, there are defaults as at Balance Sheet date, which includes amount of Rs. 32.42 Crore in case of Interest payments of various facilities, availed by the company. The company has overdrawn the Working Capital and Cash Credit limit amounting to Rs. 10.65 Crore as on the date of Balance Sheet. The company has also defaulted in payment of professional fees for the service rendered by to one of its bankers amounting to Rs. 1.38 Crore. The facilities wise break-up of continuing default is disclosed by the Company in Annexure 1 to the financial statements.

The defaults above do not include the defaults in repayments which were subsequently cured by the Master Restructuring Agreement signed with the CDR lenders amounting to Rs. 46.28 Crore.

(xii) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities. Accordingly the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiii) The Company is not a nidhi / mutual benefit fund / societies. Accordingly the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xv) According to the information and explanations the company has given corporate guarantee for loans taken by other companies being subsidiary companies of this Company from banks or financial institutions. The other terms and conditions are not prima-facie prejudicial to the interest of the Company.

(xvi) Based on the information and explanation given by the management the terms loans during the year were taken for funding the cash flow mismatches and for working capital thereby the term loans taken during the year have been applied for the purpose for which the loans were obtained.

(xvii) In our opinion and according to the information and explanation given to us and on an overall examination of the balance sheet of the company as at December 31, 2013, we report that no short term funds were used for long-term purposes.

(xviii) The Company during the year has not made any preferential allotment of shares to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly the provisions of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xix) The Company has not issued any debentures during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xxi) Based on the audit procedures performed and the information and explanation given by the management we report that no fraud on or by the Company has been noticed or reported during the year except for instances of malafide conduct by certain employees including fraud, dishonesty and misconduct amounting to Rs. 4.02 Crore. The management has accounted for these costs in the financial statements.

For Natvarlal Vepari & Co.

Chartered Accountants

Firm Registration No 106971W

N.Jayendran

Partner

M. No. 40441

Mumbai, Dated: March 18, 2014


Mar 31, 2012

1. We have audited the attached Balance Sheet of Gammon India Limited ("the Company") as at 31st March 2012 and the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date in which are incorporated the returns of the Nagpur branch including the overseas branches at Algeria, Nigeria, Kenya, Bhutan, Ethiopia & Italy audited by branch auditors. These financial statements are the responsibility of the CompanyRs.s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Without qualifying our report we invite attention to

a. Note no 15(a) of the explanatory notes relating to recoverability of an amount of Rs. 109.09 Crore under trade receivables in respect of recognition of contract revenue in previous years where the Company has received arbitration awards in its favor in respect of which the client has preferred an appeal for setting aside the said arbitration awards. The recoverability is dependent upon the final outcome of the appeals getting resolved in favor of the Company.

b. Note no 32(c) to the notes to accounts relating to the investments in one of the Joint Ventures of a wholly owned subsidiary which has applied for creditorsRs. protection in a Court in Italy. The final outcome and the resultant investment would be dependent upon the approval of the courts to the composition scheme pending which no effects have been taken in these accounts.

c. Note no 23(a) regarding payment of remuneration to the managerial persons being in excess of the limits specified by the relevant provisions of Companies Act 1956 by Rs. 2.87 Crore. The Company is in process of seeking shareholders approval for the remuneration paid as the minimum remuneration and pursuant thereto making an application to the Central Government in this regard for such excess payment of managerial remuneration. Pending the final outcome of the Company's application no adjustments have been made to the accompanying financial statements in this regard.

4. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexurea statement on the matters specified in paragraphs 4 and 5 of the said Order on the basis of information and explanations received by us and reports of the branch auditors on which we have relied.

5. Attention is invited to note no 41 of the explanatory notes in respect of the Joint Venture in Oman. The statutory auditors of the Joint Venture have qualified that the Joint Venture has certain contingent liabilities amounting to RO 615637 ft 8.26 Crore), which in their opinion, is more likely than not that the Joint Venture would be liable to incur the expenses. The Company in turn would be liable to make good the losses in the event such liabilities are accrued in the Joint Venture.

6. Further to our comments in the Annexure referred to above, we report that:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit.

ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books. Proper returns adequate for the purpose of our audit have been received from the branches not visited by us.

iii) The reports on accounts of the branches audited by the other Auditors have been forwarded to us and have been appropriately dealt by us in preparing our report.

iv) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

v) In our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

vi) On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of Clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956 on the said date.

vii) In our opinion and to the best of our information and according to the explanation given to us, subject to paragraph 5 above regarding the operations in Oman, the said accounts and the notes thereon give the information required by the Companies Act, 1956 in the manner so require and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) In the case of Balance Sheet of the State of Affairs of the Company as at 31st March 2012 And

b) In the case of Statement of Profit and Loss of the profit for the year ended on 31st March 2012.

c) In the case of the Cash Flow Statement of the net cash flow for the year ended on that date.

Annexure To The Auditors' Report

(REFERRED TO IN PARAGRAPH 6 OF OUR REPORT OF EVEN DATE)

(i) (a) The Company is maintaining proper records showing particulars, including quantitative details and situation of fixed assets.

(b) The Company has a program for physical verification of its fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the Company and the nature of its assets and operations. The discrepancies reported on such verification are not material and have been properly dealt with in the books of account.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(ii) (a) Inventories, being project materials and the stocks of finished goods, stores and raw materials in respect if its manufacturing operations have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The discrepancies noticed between the physical stocks and books stocks were not material and the valuation of stock has been done on the basis of physically verified quantity. Therefore Shortage / Excess automatically get adjusted and the same is properly dealt in the books of accounts.

(iii) (a) The Company has during the year granted unsecured loans to 2 party covered in the register maintained under section 301 of the Companies Act, 1956.

The maximum amount involved during the year was Rs. 168.2 Crore and at the end of the year balance of loans granted to such parties was Rs. 156.59 Crore.

(b) In our opinion the rate of interest, wherever charged, and the other terms and conditions of such loans are not prima-facie prejudicial to the interest of the Company.

(c) There are no stipulations for the repayment of principal and the interest, wherever charged. The outstanding overdue interest receivable as at 31s March 2012 was Rs. 38.55 Crore.

(d) The Company has not taken any loans from parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us the internal control procedure in respect of the purchase of inventory needs strengthening to make it commensurate with the size and nature of its operations. In respect of the purchase of fixed assets and sale of goods and services the internal control procedures are commensurate with the size of the Company and the nature of its business. The Company is taking steps to strengthen its internal control procedure in respect of inventory to make it commensurate with the size and nature of its operations. There are however no cases of continuing failure to correct major weaknesses in internal controls.

(v) (a) In our opinion and according to the information and explanations given to us the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

(b) All the transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time and the nature of services rendered by such parties.

(vi) The Company has not accepted any deposits from the public during the year under review and consequently the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Act and the rules framed there under are not applicable. We are further informed that no orders have been passed by the Company law board in the case of the Company requiring compliance.

(vii) In our opinion the internal audit system is presently commensurate with the size and nature of its business.

(viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules 2011 prescribed by the Company under 209(1)(d) of the Companies Act 1956 and are of the opinion that prima facie the prescribed records have been maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(ix) (a) The Company is by and large regular in depositing Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax/VAT and Sales Tax dues with the appropriate authorities observed on a test check basis except for many cases of delays observed in deposit of Tax Deducted at Source , VAT, Service tax and Provident fund at sites.

(b) On the basis of the audit procedures followed, test checks of the transaction and the representation from the Management there are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable except Rs. 0.18 Crore to be deposited with Investor Education and Protection Fund.

(c) According to the information and explanation given to us, the details of Sales tax, Service tax and Excise duty that have not been deposited on account of dispute are stated in the statement attached herewith.

(x) The Company does not have any accumulated losses and has not incurred cash losses in current year and the previous year.

(xi) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(xii) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

(xiii) The Company is not a nidhi / mutual benefit fund / societies. Accordingly the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

(xv) According to the information and explanations the Company has given corporate guarantee for loans taken by other companies from banks or financial institutions. The other terms and conditions are not prima-facie prejudicial to the interest of the Company.

(xvi) The term loans taken during the year have been applied for the purpose for which the loans were obtained.

(xvii) In our opinion and according to the information and explanation given to us and on an overall examination of the balance sheet of the Company as at March 31, 2012, we report that funds raised on short term basis of Rs. 199.63 Crore have been applied for long term purposes.

(xviii) The Company during the year has not made any preferential allotment of shares to any parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debentures during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

(xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company.

(xxi) The management has represented that during internal investigations by the Company, instances of malafide conduct by certain employees were observed at two sites by the Company. The Company has lodged an FIR on some counts and is in the process of filing FIR on other counts. The total quantum of amount attributable to malafide conduct is yet to be determined and finalised and will crystallise on completion of Investigation jointly with the Authorities. The Management does not expect any impact on the financials as all possible losses attributable to the matter have already been booked and appropriate intimation towards fidelity insurance have been given to the Insurance Company.

Statement Of Statutory Dues Outstanding On Account Of Disputes, As On 31st March, 2012,

(Referred to in Para (ix)(c) of the Annexure to Auditors' Report)

Name of the State Nature of the dues Statute

Sales Tax A.P. Sales in Transit (E-1)

A.P. Reassessment matter

A. P. Tax levied on value of material instead of purchase price. Rule 6(3)(i)

A. P. Tax levied on value of material instead of purchase price. Rule 6(3)(i)

A.P. Disallowance of Inter state purchase

A.P. Levy of Penalty

Sales Tax Gujarat Levy of Penalty

Gujarat Levy of Penalty

Gujarat Disallowance of TDS Credit & Penalty charged

Sales Tax M.P. Entry Tax

Sales Tax Maharashtra Denial of deduction on Pre cost component

Disallowance of WCT & BST

Lease Matter

Lease Matter

Sales Tax Orissa Lab. and Service Charges disallowed

Various disallowance

Sales Tax West Bengal CTO wrongly estimated Transfer Price

Arbitary Demand

Arbitary order

Demand reassessment reopened

Sales Tax Jharkhand Non Receipt of F Form

Sales Tax Chattisgarh Entry Tax

Sales Tax Assam Arbitary Demand

Sales Tax Rajasthan Increase in EC fees, Interest

Service Tax Gujarat River Development Matter

Service Tax Gujarat Whether for commercial purpose or not

Service Tax Bhilai Show Cause cum Demand notice

Service Tax Karnataka Non Inclusion of Value of Material

Service Tax Karnataka Non Inclusion of Value of Material

Service Tax Imports Show Cause cum Demand notice

Service Tax Chhattis garh Stay of Demand application

Service Tax Chhattis garh Pending for adjudication with commissioner

Service Tax Various Projects where materials are provided by client as free of Cost

Excise Chennai Disputed Demand

Name of the Statute Amount in Period to which it Forum where Dispute is Crore relates pending

Sales Tax 0.13 1987-1988 D.C. Appeals

0.19 2001-2002 H.C.

2.10 2002-2003 Tribunal / H.C.

1.64 2003-2004 Tribunal / H.C.

0.23 2005 to 2007 H.C.

1.90 2005 to 2007 H.C.

Sales Tax 0.01 2001-2002 J C Appeals

0.22 2003-2004 J C Appeals

0.11 2004-2005 Asst. Commisioner of Commercial tax

Sales Tax 0.10 2009-2010 DC Appeals

Sales Tax 0.79 1993-1994 to 1997-1998 Tribunal / A.C. Appeals

5.84 2000 to 2002 Jt. Appeals / Tribunal

0.19 1998-1999 to 2001-2002 Bombay High Court / Jt. Appeals

0.10 2005-2006 Jt. Appeals II

Sales Tax 0.11 1992-1993 to 1999-2000 A.C. Appeals

0.40 2001 to 2004 A.C. Appeals

Sales Tax 0.64 1994-1995 to 2002-2003 Tribunal

4.99 2007-2008 Tribunal

1.31 2007-2008 (CST) Tribunal

6.76 2005 to 2007 High Court

Sales Tax 0.04 2001-2002 C.T.

Sales Tax 0.05 1979-1980 to 1998-1999 Tribunal

Sales Tax 1.12 2006-2007 Appeal

Sales Tax 0.74 2005 to 2009 DC Appeals/ Tax Law Board

Service Tax 5.65 2005 to 2010 A.D.G / C.T.

Service Tax 5.73 2005 to 2007 A.D.G.

Service Tax 1.00 2006 to 2010 A.D.G./ C.T

Service Tax 0.25 2006-2007 DG -CEI

Service Tax 2.58 2006 to 2009 DG -CEI

Service Tax 1.92 2004 to 2008 A.D.G-CET

Service Tax 1.34 2004 to 2007 DGCEI

Service Tax 0.18 2007 to 2011 SCN/ST/MUM/DIV

Service Tax 2.48 2004 to 2009 ST / HQ.

Excise 0.03 2006 CESTAT Chennai

GRAND TOTAL 50.87



For Natvarlal Vepari & Co.

Chartered Accountants

Firm Registration No 106971W

N. Jayendran

Partner

M. No. 40441

Mumbai, Dated: 14th August 2012

 
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